India Microfinance

SimpliBank which is a cloud based core banking system with a mobile phone front end and is aimed at helping people in the lower income group to do banking has won an award for social impact from PCQuest

Eko India Financial Services banking product known as SimpliBank, has won an award under the category of Maximum Social Impact in the PCQuest Awards for Best IT Implementation of The Year 2010. Simplibank is a hosted and low-cost core banking system for banks. Currently, State Bank of India is Eko’s banking partner, and is using this system to extend its banking services to people from the lower income group, residing in Delhi, Bihar, and Jharkhand. The SimpliBank core banking system supports multiple features like a standard double entry accounting system, multiple types of bank accounts, like savings, current, money transfer, loan, etc. It has customer and Network management modules, definable interest accrual and posting system based on Indian banking guidelines.

Simplibank also has the ability to define various limits and fees as per RBI requirements. It supports secure signature booklet and real-time transactions through 3 tier authentication system.

So far, the company is serving 60,000+ accounts with SBI. There are more than 400 Customer Service Points(CSP’s) spread across 11 districts of Delhi, Bihar, and Jharkhand.

The customer service points get a small percentage of every transaction made. The company plans to extend these services to Uttarakhand, Mumbai, and Punjab soon. Moreover, plans are on to offer this service even to the regular population in India through Tie-Ups with financial service providers. The expected life of the current product is expected to be two years, and the company is working on developing its next version to improve its capabilities.